Saturday, December 4, 2010

Banker Jekyll Will Hyde Your Money - 7

In this series we have been dealing with the things the public does not know about the way the banksters have conducted themselves in closed, smoky back rooms where "the real deals are made".

The previous episode is here, the basic subject is how the banks, especially the Fed, do not want us to know what they do in the back rooms, and how Bloomberg sued the Fed to get the information under the Freedom of Information Act.

But the inquiry also goes into MERS, foreclosure madness, toxic assets, and a few other issues.

We now find that the Fed was shipping hundreds of billions of dollars out of the country to foreign nations:
... we now know the Fed also acted in a secondary bail out capacity, providing over $350 billion in short term funding exclusively to 35 foreign banks, of which the biggest beneficiaries were UBS, Dexia and BNP. Since the funding provided was in the form of ultra-short maturity commercial paper it was essentially equivalent to cash funding. In other words, between October 27, 2008 and August 6, 2009, the Fed spent $350 billion in taxpayer funds to save 35 foreign banks.
(Meet The 35 Foreign Banks, emphasis added). The Federal Reserve website indicates there are a few lawsuits over all of this:
Gold Anti-Trust Action Committee, Inc., v. Board of Governors, No. 09-2436 (D. District of Columbia, filed December 30, 2009), is a Freedom of Information Act case.

Judicial Watch, Inc. v. Board of Governors, No. 09-2138 (D. District of Columbia, filed November 13, 2009), is a Freedom of Information Act case.

Citizens for Responsibility and Ethics in Washington v. Board of Governors, No. 09-2113 (D. District of Columbia, filed November 10, 2009), is a Freedom of Information Act case.

McKinley v. Board of Governors, No. 09-1263 (D. District of Columbia, filed July 8, 2009), is a Freedom of Information Act case.

Citizens for Responsibility and Ethics in Washington v. Board of Governors, No. 09-663 (D. District of Columbia, filed April 16, 2009), was a Freedom of Information Act case. On November 19, 2009, the district court granted the Board's motion for summary judgment.

The New York Times Company v. Board of Governors, No. 09-2645 (S.D. New York, filed March 23, 2009), was a Freedom of Information Act case. The court dismissed the case on the parties' motion on November 30, 2009.

Freedom Watch, Inc., v. Board of Governors, No. 09-331 (D. District of Columbia, filed February 19, 2009), was a Freedom of Information Act case. The district court granted the Board's motion to dismiss the action on August 12, 2009.

Fox News Network v. Board of Governors, No. 09-272 (S.D. New York, filed January 13, 2009), is a Freedom of Information Act case. On July 30, 2009, the district court granted the Board's motion for summary judgment (639 F. Supp. 2d 84). The plaintiff's appeal to the Second Circuit (09-3795, filed September 11, 2009) is pending.

Murray v. Board of Governors, No. 08-cv-15147 (E.D. Michigan, filed December 15, 2008), is a challenge to the constitutionality of federal expenditures relating to American International Group (AIG).

Bumgarner v. Paulson, Bernanke, et al., No. 08-cv-5245 (D. New Jersey, amended complaint filed November 21, 2008), was a challenge to the implementation of the Economic Emergency Stabilization Act of 2008. On August 10, 2009, the district court dismissed the action.

Bloomberg, L.P. v. Board of Governors, No. 08-cv-9595 (S.D. New York, filed November 7, 2008), is a Freedom of Information Act case. On August 4, 2009, the district court granted the plaintiff's motion for summary judgment (649 F. Supp. 2d 262). The Board's appeal to the Second Circuit (09-4083, filed October 1, 2009) is pending.

Schulz v. United States Federal Reserve System, No. 1:08-cv-991 (N.D. New York, filed September 18, 2008), is an action relating to the Federal Reserve's loan to American International Group. On September 25, 2008, the district court denied plaintiff's request for a temporary restraining order and preliminary injunction. On September 30, 2008, the plaintiff appealed the district court's order to the United States Court of Appeals for the Second Circuit (No. 08-4810).
(Federal Reserve). So it isn't just Dredd Blog who has been a bit suspicious about some of these practices.

The next post in this series is here, the previous post in this series is here.

4 comments:

  1. The Money Masters web site lays out all the history and dirt on the Fed about as well as anybody out there. I also recommend the DVDs, which can also be watched online here. Contrary to popular belief, the Fed is a totally private enterprise with only loose oversight provided by congress, has been around in its current incarnation since only 1913, and is totally unnecessary to a functional national economy.

    "Money as debt," which is what the Fed and the fractional reserve system provides, is nothing less than a totally legal organized theft system perpetrated by the bankster class on the American (actually, as the post above states, it's international now, and in fact always has been) people designed to concentrate wealth in the hands of the bankster plutocracy. Unless you've been asleep for the last 30 years or so, it would be impossible to deny that that's exactly what's been happening.

    The banksters have always known that "easy money" (credit at low interest rates or even easy credit at any interest rate) is like a drug that both national governments and individuals wouldn't be able to resist. Then by periodically tightening the money supply they can drive up interest rates and profit from people who then have no choice but to go further into debt. Its a time-proven winning strategy for central banking systems everywhere in every time that always ends badly for the currency and people involved.

    It's also the ultimate Ponzi scheme, as at any given time the total amount of debt in the system by definition cannot be paid off, and locks in the concept of exponential growth to keep the system afloat (afloat is in fact the perfect descriptive term, because the system is literally "floating" on a sea of debt which cannot be extinguished without collapsing the whole scheme. There's a reason Madoff and other high rollers gravitated to Ponzi schemes. They correctly recogized that the whole international financial sytem is nothing less than the ultimate Ponzi scheme, and thus rationalized "why not me too?" Indeed!).

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  2. Meanwhile, back at the ranch, cities are going down:

    15 Cities Most Hard Hit By Recession

    States Are Hard Hit

    Workers Hard Hit

    The bankster criminal class is hard cord heartless.

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  3. Got a second case now against Fed regarding AIG and Lehman and starting to get some documents from that (of course heavily redacted). If interested you can find here:

    http://www.scribd.com/vernmckinley

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  4. Thank you Mr. McKinley, and good luck in your case!

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